Fitch Ratings affirms Parex banka’s rating at BB+

09.06.2008

The international credit rating agency Fitch Ratings has affirmed itsprevious long-term rating of Parex banka at BB+ with a stable outlook. Otherprevious ratings have also been affirmed at short-term B, individual C/D andsupport 3.

In a statement, Fitch Ratings notes the strong market position of Parexbanka, its leading role as a service provider to non-residents as well as itsstable income base. It also confirms that the evaluation of ratings considersrisk following a slowing down of the pace of Latvia's economy alongside suchfactors as operational risk, capital base and the management structure ofParex banka.

In comparison with the end of 2006, the loan portfolio of Parex banka, as at31 st December 2007, increased by 32% to LVL 1,738 million, while depositsamounted to LVL 1,909 million, an increase of 31%.

At the end of April 2008, Parex banka was the largest bank by deposits with a19.8% market share and the second largest by assets with a 14.4%market share.

About Parex banka

With assets exceeding EUR 4.34 billion Parex banka is the largestindependent financial institution in the Baltic States. With a track record ofconsistent growth since being founded in 1992, it offers universal bankingservices throughout the Baltic region, the CIS and other European nations suchas Germany, Switzerland and Sweden. Parex Group companies operate across thebanking, finance, leasing, asset management and life insurance sectors. Parexbanka is assigned the following international ratings: Moody's InvestorsService – Baa3 (investment grade), Fitch Ratings – BB+, CapitalIntelligence – BBB (investment grade).